An Incompetent Federal Reserve Board Caused the Great Depression and the New Deal that Gave Congress' Power to New Executive Branch Regulatory Agencies. The 1930s saw the Great Depression used to vitiate legislative power and put it into the hands of executive branch agencies. It was a major step in destroying the accountability of government.
The Fed's "Depression" and the Birth of the New Deal
Market failure reconsidered
Paul Craig Roberts, Wm. E. Simon Chair in Political Economy, Center for Strategic and International Studies, Senior Research Fellow, Hoover Institution, Stanford University, and Chairman, Institute for Political Economy
Lawrence M. Stratton, Research Fellow, Institute for Political Economy
Published in 2001 by the Hoover Institution, Stanford University, in Policy Review (No. 108)
According to new deal historians, capitalism failed in the 1930s. What, then, is it doing flourishing in the United States, Britain, and Europe and taking root in Latin America and China, where it was never previously present? For the past 20 years there has been a large and growing incompatibility between the verdicts of historians and the performance of capitalism.